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Trading Made Simple

  • #48,501
  • Jan 5, 2015 4:13pm Jan 5, 2015 4:13pm
Quoting omonisha
{quote} Excellent trading mine toomoving TP inch by inch {image}
http://www.forexfactory.com/attachme...1&d=1420467159


I LIKE "move TP inch by inch".

when you catch those kind of falling knife trades, you protect the downside and let the market decide your final TP.

you can move your protective SL ... trailing the market APB by APB

or you can trail R by R

When you move, TP, why not consider add more position and make those banked-in profit work for you?

Very good trading by you folks. Well done!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #48,502
  • Jan 5, 2015 4:16pm Jan 5, 2015 4:16pm
Quoting sknight1
{quote} I'm glad to see this topic come up, I've been wondering about it too. I think my accountant figures P/L on the year the money was "made"... not when it was withdrawn. Thanks SJ.

do you folks have problem paying IRS taxes on forex profit?

you have a happy problem.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #48,503
  • Jan 5, 2015 4:19pm Jan 5, 2015 4:19pm
Quoting omonisha
{quote} A visual what steve says {image} {image}

I made one addition in "red" under the 4H label....

lol
Attached Image (click to enlarge)
Click to Enlarge Name: Trend Cycle.png Size: 281 KB
  • #48,504
  • Jan 5, 2015 4:20pm Jan 5, 2015 4:20pm
Quoting emmanuel7788
GBPNZD week 02 5 Jan H1 trade: with 1R protected, I am gunning for a 3R trade.... {image}
http://www.forexfactory.com/attachme...1&d=1420459801

Trade closed with 3R profit or 155pips.
Missed the last R, but we never know where the market will go.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD week 02 5 Jan H1 trade closed.png Size: 45 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #48,505
  • Jan 5, 2015 4:20pm Jan 5, 2015 4:20pm
Quoting emmanuel7788
{quote} do you folks have problem paying IRS taxes on forex profit? you have a happy problem.
Hey now, no one likes a smarty pants.
  • #48,506
  • Jan 5, 2015 4:26pm Jan 5, 2015 4:26pm
Quoting sknight1
{quote} I made one addition in "red" under the 4H label.... lol {image}
http://www.forexfactory.com/attachme...1&d=1420496350

this picture looks very familiar......

and who change that BOSS and WORKER thing?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #48,507
  • Jan 5, 2015 4:29pm Jan 5, 2015 4:29pm
Market Trend:

Back in the good old days, when we were trading the M15 chart timeframe,
this is how we see the market trends.
you can do this all day long, any time of the day on M15 chart.

Attached Image (click to enlarge)
Click to Enlarge Name: Market Trends M15.png Size: 372 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #48,508
  • Jan 5, 2015 4:30pm Jan 5, 2015 4:30pm
Quoting emmanuel7788
{quote} {image} this picture loks very familiar......


Same for me. After a 15 year career for my last employer, I couldn't even get "promoted" to "Peon II".
  • #48,509
  • Jan 5, 2015 4:38pm Jan 5, 2015 4:38pm
Quoting toksy
{quote} thanks for that comment stevepatt am new to forex and new to this post too ,my trade too have not been good but i know i can improve and make pips like other senior here please can you follow the above statement up with a chart example so that new guys like us can learn.your response is highly appreciate.other seniors too can repond
I hope Steve doesn't mind me giving my two cents here.

I posted some chart examples in Post #43,807 of trading TMS with the trend. In these examples, price is sitting below the 200MA and forming lower lows so a clear downtrend. In this instance, the most reliable TDI crosses are when green crosses down over red (with the trend). As Steve rightly said, trading with the trend is far less risky and its easy to see why. Price is repeatedly making long moves to the downside followed by short counter-trend retracements.

Also highlighted are the early warning signs before the cross when the candles print long upper wicks. These give a heads up that price might be ready to turn to the downside again in line with the primary trend.

Hope this helps
Focus on the process and the profits will follow
  • #48,510
  • Jan 5, 2015 4:39pm Jan 5, 2015 4:39pm
took this trade on NJ shot on a 1hr looking at the overall trend is a counter trend since the overall trend is up but tdi on the day chart pointing down after an uptrend
move to 1hr and enter shot after seeing tdi cross down

also in NU now just looking how it will go

please seniors your advice am i doing good with this entry


thanks emmanuel i appreciate that explanation
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NJ entry.png Size: 34 KB
Click to Enlarge Name: NU now.png Size: 32 KB
  • #48,511
  • Jan 5, 2015 4:46pm Jan 5, 2015 4:46pm
Hello guys !! I started from very little to read this thread, I wanted to ask if you could tell me where to start reading because the discussion is really great.
I also wanted me ask if there have been changes in the trading system or remained the same as described in the first pages.
Thanks, sorry for my english!
  • #48,512
  • Jan 5, 2015 4:53pm Jan 5, 2015 4:53pm
Quoting snarlyjack
{quote} Redcloud, Take the money & run Their will be more set-ups in the late Asia session. Their are set-ups everyday, just like clock work! Congrats... sj
Sj,

Do you take this trade? If yes or no, please give the details.

I am thinking of sell trade when PA moves below PAC.

I know the ADR of this pair is very low.

Regards,
AB
Attached Image (click to enlarge)
Click to Enlarge Name: 01.05.2015 - SJ - Sell.JPG Size: 203 KB
  • #48,513
  • Jan 5, 2015 4:55pm Jan 5, 2015 4:55pm
Quoting omonisha
{quote} Excellent trading mine toomoving TP inch by inch {image}
LOL! ...we are not worthy ... ... omonisha, the way you manage trades is 'simply' masterful... congrats mate... lead the way

Quoting redcloudxlll
About to close trade. I'm done for today {image}
Well done mate, just great to see these results

Well done everyone - things are staring to put up...
  • #48,514
  • Jan 5, 2015 5:01pm Jan 5, 2015 5:01pm
Quoting toksy
{quote} thanks for that comment stevepatt am new to forex and new to this post too ,my trade too have not been good but i know i can improve and make pips like other senior here please can you follow the above statement up with a chart example so that new guys like us can learn.your response is highly appreciate.other seniors too can repond

Hi toksy;

The chart below, I hope, demonstrates what to look for.

It's important to allow a trend to be in place before looking for Pullbacks during the Pullbacks you need to be watching the Indicators, you use, to get you into Trades that are in line with the Trend.

Look back over the charts to see how reliable these Pullbacks can be to get you into profitable Trades.
Attached Image (click to enlarge)
Click to Enlarge Name: 5th Jan 15 EUR:JPY H4 Chart.png Size: 119 KB
  • #48,515
  • Jan 5, 2015 5:01pm Jan 5, 2015 5:01pm
USD/JPY Pairs:
daily is up. H4 is going to change the direction?

Your comments:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 01.05.2015 - 1700 SJ - USD JPY - H4 Sell.PNG Size: 110 KB
Click to Enlarge Name: 01.05.2015 - 1700 SJ - USD JPY - D1 Sell.PNG Size: 83 KB
  • #48,516
  • Jan 5, 2015 5:19pm Jan 5, 2015 5:19pm
Quoting stevepatt
{quote} Hi toksy; The chart below, I hope, demonstrates what to look for. It's important to allow a trend to be in place before looking for Pullbacks during the Pullbacks you need to be watching the Indicators, you use, to get you into Trades that are in line with the Trend. Look back over the charts to see how reliable these Pullbacks can be to get you into profitable Trades. {image}
thanks steve getting the visual thanks i appreciate
  • #48,517
  • Jan 5, 2015 5:19pm Jan 5, 2015 5:19pm
Quoting adikashyap
Dear Emm, We know that you are a master at scaling in ... and you said you use it in position trading than on 1H ... Small doubt here ... Do you scale in top to bottom to bottom to top .....?????? Meaning ... do you open the 1st trade on M TF and start scaling in as and when you get confirmation in W, D, 4H or Do you open the 1st trade on 4H and start scaling in as and when you get confirmation on D, W and M TF's?

Hi Ady,

I am not sure what you meant by - "Do you scale in top to bottom to bottom to top"

When position trading, I look for the setups in D1 charts and follow the W1 as Primary trend but always having a bigger picture view of the Monthly.
Timing the first trade entry is on the H4 chart in many cases but I always use the H1 chart for intraday setup for some entries. I tend to use H1 more often these days and skip the H4 charts. This gives me flexibility to check my charts any time of the day and not restricting myself to the H4 hours.
Once I see a D1 TMS setup, I can look for a retracement type entry on H1 during the day. Usually the best H1 entries is when the market retraces to Fib38/50% levels. This way I can get a better entry price with smaller initial SL. But doing this takes patience and sometimes we can miss an entry because the retracement may not be that deep.

Like what stevepatt said, he also trade when there is a confirmed trend or an established trend and wait for the retracement. This is very safe and also TMS traders must not jump in on the TDI cross without considering the Price Action at Support and Resistance PASR type of entry.

In your GBPxxx trades yesterday, you added position a fix distance of 50pips. How did your derive that 50pips?
That 50pips may work for some high range pair like GBPAUD, GBPNZD, EURAUD and EURNZD but not other pairs.
I use a percentage of the ADR of that pair. Any thing between 45% and 60% of the ADR as the grid (distance) to add positions.
Using this grid method has one weakness because sometimes we get caught in 2-3 days retracement and some positions may be in drawdown.
How to deal with such situations? You need to work on a few models on your charts and think of a 'recovery strategy'.

Instead of using fixed grid, you can consider look for additional entries on H1 chart but only after the previous positions are protected with profits.
You can consider using H1 setups to open additional positions and this is safe but tedious as this means we need to look at H1 charts. Or you can use limit orders at Fib38/58% levels of the previous D high-low.

There are some online stuff whiere professional traders explains this scaling in strategy or some calls it 'pyramiding'

One example here:
http://www.learntotradethemarket.com...-forex-trading

The disadvantage of scaling-out is also explained in that that website link above. Ignore his commercial stuf, I am not promoting for him but only read his free stuff materials. He share plenty of trading stuff free of charge.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #48,518
  • Jan 5, 2015 5:25pm Jan 5, 2015 5:25pm
Quoting stevepatt
{quote} Hi toksy; The chart below, I hope, demonstrates what to look for. It's important to allow a trend to be in place before looking for Pullbacks during the Pullbacks you need to be watching the Indicators, you use, to get you into Trades that are in line with the Trend. Look back over the charts to see how reliable these Pullbacks can be to get you into profitable Trades. {image}

Good stuff, Steve.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #48,519
  • Jan 5, 2015 5:37pm Jan 5, 2015 5:37pm
Quoting ababias
{quote} Sj, Do you take this trade? If yes or no, please give the details. I am thinking of sell trade when PA moves below PAC. I know the ADR of this pair is very low. Regards, AB {image}
Ababias,

No, not yet...
But I'm watching it. I would like to see the eur/gbp on the
4 hour chart break through the pac it has room to run on the down side.

See my daily & 4 hour charts.
sj
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURGBPDaily.png Size: 66 KB
Click to Enlarge Name: EURGBPH4.png Size: 66 KB
  • #48,520
  • Jan 5, 2015 5:51pm Jan 5, 2015 5:51pm
Quoting crispy
{quote} Hi Emmanuel, I'm new here so just finding my bearings. TMS looks great. Still working out the trigger points for buying and finding the EAs & tpls to create the ideal interface. Where do I get the 5 arrow (M15, H1, H4, D1, W1) indicator for the top right of my chart in MT4? Cheers!

Hi crispy,

I coded that for the folks in the M15 thread. It is a dashboard to show when the price is above or below the 10EMA in each of the TF.

You will find it in post#23,854
http://www.forexfactory.com/showthre...59#post6910459

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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